Big willful defaulters' dues to PNB drop to Rs 15,175 crore in July

PTI|

Aug 26, 2018, 12.23 PM IST

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Such borrowers had an outstanding of Rs 15,355 crore at end of June this year.

Liabilities of big willful defaulters of scam-hit Punjab National Bank (PNB) fell by 1.8 per cent to Rs 15,175 crore by July-end over the previous month, according the state-run's bank data. Big willful defaulters are those who took loans of over Rs 25 lakh from the bank.

Such borrowers had an outstanding of Rs 15,355 crore at end of June this year.

Punjab National Bank which was hit by a scam of more than Rs 14,000 crore unearthed earlier in February allegedly carried out by jeweller Nirav Modi and his associates, posted a net loss of Rs 940 crore in the first quarter ended June of the current fiscal.

In 2017-18, the lender had registered a net loss of Rs 12,283 crore - the highest ever by any bank in India so far, due to rising bad loans and parking huge sum to cover for losses due to the scam.

The bank made a recovery from bad loans to the tune of Rs 7,700 crore in the first quarter ended June, 2018-19 as a result of its turnaround strategy it adopted last year.

The bank's gross NPAs or bad loans as on June end stood at Rs 82,889 crore -- 18.26 per cent of the gross advances.

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